Bluefield Solar Income Share Discussion Threads

[sabyro] 27/7/2019 11:54

£100k dir buy always good to see. Sneaked it in close of play friday too so wondering if any news will come out next week to push the share price

[robsy2] 12/7/2019 16:19

I have sold out today. I am a bit worried by the premium. It just looks overbought to me.
R2

[tartshagger] 03/7/2019 09:01

I like directors of my companies to also invest in them, as it aligns our interests as shareholders with them. It is good to see that Mr Terranova has increased his position by c£20k, particularly so after a sharp rise in share price accompanied by a marked increase in volume. I suspect good News is on the way!

[gateside] 27/6/2019 23:57

What target price are you looking for to buy back in at?

[masurenguy] 27/6/2019 17:22

Biggest daily volume over the past 7 weeks today and the fourth largest daily volume this year.
Has BSIF been tipped or written up somewhere?
Shareprice has now been appreciating at an average annual rate of 10.5% over the past 3 years alongside the juicy dividend.

[a0002577] 27/6/2019 15:50

Sharp uptick in price today - so sold all mine - will wait till price comes down again

[gateside] 12/6/2019 21:42

Beginning to drift down. I'd look at buying if it falls to 120pAll the Renewables are currently way above their NAV

[masurenguy] 10/5/2019 07:07

Dividend on track for 7.6p this year, which is a yield of 5.8% at yesterdays closing price of 130p.

[chc15] 08/5/2019 09:06

Ex div tomorrow, worth buying today on recent weakness?

[masurenguy] 29/4/2019 07:29

RNS Number : 3232X
Bluefield Solar Income Fund Limited
29 April 2019

Unaudited NAV 31 March 2019 and Second Interim Dividend

The Company's NAV at 31 March 2019 was £420m, or 113.44 pence per Ordinary Share, compared to the NAV at December 2018 of £423m, or 114.41 pence per Ordinary Share. This equates to a NAV total return (including dividends paid in the period of 1.90p per Ordinary share) for the quarter of 0.8%.

The Company's NAV at 31 March 2019 reflects the adoption of the most recent power curves published by the Company's two independent power forecasters (which the Company blends on a 50/50 basis). The NAV update further includes the application of Ofgem confirmed ROC buyout prices from April 2019 and a roll forward of portfolio working capital. All other core valuation assumptions have remained consistent with the NAV issued in the Company's financial statements for the period ending 31/12/18.

The Second Interim Dividend of 1.90p per Ordinary Share (April 2018: 1.80p) will be payable to shareholders on the register as at 10 May 2019 with an ex-dividend date of 9 May and a payment date of 31 May. Bluefield Solar and its Board of Directors set annual dividend targets which are intended to grow in line with the Retail Price Index ('RPI'), using the 2014/15 financial year dividend of 7p per share as a base. The total dividend for the financial year ending 30 June 2018 was 7.43p per Ordinary Share. The target dividend for the financial year ending 30 June 2019 remains at 7.68p per Ordinary Share, as published in the Company's latest annual report for the financial year ending 30 June 2018.

[nimbo1] 11/4/2019 15:25

Well I sold it today. Holding Foresight and TRIG for the moment.

Would buy these back at a more reasonable level - will probably continue on up!

[tournesol] 10/4/2019 23:17

So if they are written down to zero after 30 years, doesn't that imply that effectively 3% pa of the yield is effectively a return of capital? So the real yield = headline yield -3.33%?

[jimbox1] 10/4/2019 21:44

Tournesol, the earnings are stated after deducting a charge for depreciation of the assets (down to zilch over some 30 years). One must assume that the company will invest in replacing the assets over time.
To be fair, there is risk in the price of electricity, inter alia, and that is why we need a yield higher than "risk-free" gilts.

[tournesol] 10/4/2019 20:59

jimbox

but are the earnings secure long term?

don't the underlying assets have a limited life after which they are worth zilch?

[jimbox1] 10/4/2019 19:34

Nimbo1, I look at the earnings yield rather than the dividend yield. These might be a sell (so far as I'm concerned) if the earnings yield dropped below 6%. But earnings yield is currently 6.89%. Based on historic earnings, I'm happy to hold at least up to 157p in the short term. If there are prospects for earnings to grow, then I could justify holding to a higher price.

[nimbo1] 10/4/2019 11:59

At what price do these become a sell?...I've been in since about 110 and also hold trig and fsfl.

[zero the hero] 13/3/2019 13:49

Giovanni Terranova participating in a discussion panel at 9.30 26th March

[zero the hero] 13/3/2019 13:26

Nice steady investment this and the share price moving in the right direction.

Interesting article:




Anesco were in attendance - BSIF have been linked with them in the past. Time for a bit of Battery Storage?

[masurenguy] 12/3/2019 13:19

Added again @1.2945 earlier this morning. Lunchtime price of 130p is new ATH.

[masurenguy] 11/3/2019 23:41

Key points from the above referenced Mail article.

The shares have risen from £1 at launch to £1.29 today and the group has delivered annual dividends of 7p or more since 2014. A total payment of 7.68p is expected for the year to June 2019, putting the stock on a yield of more than 6%. The UK solar market has changed considerably in recent years. Prices have tumbled and solar energy is now commercially viable, so much so that new plants are no longer eligible for Government support.

Plants built before 2017 are subsidised however and Bluefield’s portfolio is entirely comprised of such assets, providing inflation-linked subsidies for 20 years or more. Most of the group’s plants were built between 2013 and 2016, when subsidies were relatively generous. Since then, Bluefield has bought very little because sites became increasingly expensive. Today, the portfolio has 46 large solar plants and 41 smaller assets, mostly in the south of the country and generating some 450 megawatts of electricity, enough for around 140,000 homes.

The cost of new plants has come down and Armstrong believes he can find sites that will generate a decent income for shareholders, even without Government subsidies. The British solar market is the 7th largest in the world, ahead of brighter countries such as France, Spain and Australia. Bluefield is at the forefront of the market, the stock has been a strong performer since the start and should carry on in that vein. At £1.29, the shares are a buy, particularly for the income-focused investor.

[carterit] 11/3/2019 18:47

....and an update BUY recommendation at £1.29 by the sunday mails midas column. See link...
hxxps://amedpost.com/midas-share-tips-update-solar-plants-shine-for-income-seekers/

[18bt] 28/2/2019 10:23

This is interesting in showing that FIT-free solar builds are now very close

[masurenguy] 27/2/2019 16:16

Bluefield Solar keen to catch extra rays as it eyes growth

Top yielding renewables trust Bluefield Solar Income (BSIF) is looking to catch a few extra rays with the next wave of unsubsidised solar assets, as well as through the extension on the life of its portfolio. The £475 million solar fund, which at 6% is the highest yielding renewables trust, has not bought any new assets for more than two years, pointed out its investment adviser James Armstrong. He said the trust was therefore looking to its ‘next phase of growth’, though did not specify how Bluefield planned to expand on the 87 assets it currently holds.

Despite a fall in the cost of producing electricity from solar parks, coinciding with the disappearance of the UK government’s subsidy programme, Bluefield held off on competing for secondary assets. Instead, the trust expects to see falling solar costs to drive the next wave of subsidy-free assets and to look for this area for growth. Armstrong explained that Bluefield was involved with assets from construction, working with contractors and using equity to fund solar parks through the construction process. ‘From IPO the assets have been funded through construction which has helped cut costs,’ he said. ‘It’s all about incremental gains.’

Canaccord Genuity analyst Ben Newell said: ‘[Bluefield] has maintained a patient and disciplined approach to growth over recent years and we believe that the growth of the subsidy-free market will provide the next stage in the evolution of this company.’ Another potential source of growth for the trust was also picking up on the recent trend in the renewables to extend the lease life of assets in its portfolio. This was something Bluefield’s closest rival, Greencoat UK Wind (UKW), had implemented in its own portfolio. The wind farm investor pushed out the life on its underlying assets from 25 to 30 years, lifting the trust’s net asset value (NAV) by 6.7p to 123.1p in the fourth quarter of last year.

Should Bluefield achieve the same on its own portfolio, Armstrong estimated this could equate to a one-off NAV uplift of between 7-8% if applied across all of its assets. Even if this only applied to half of its solar portfolio, he said this still had the potential to boost the trust’s NAV by 4-5%. ‘Solar can be easier to extend because it’s a simple asset,’ he said. ‘It’s nice, because not to say anything against them, but they’re quite boring assets that run for 40 years.’

BSIF is looking to extend the available tenure on its solar parks up to 40 years from the current average life of around 25 years. It is in negotiations for contracts on 75% of its portfolio, with contractual terms agreed on nearly half of these assets and formal lease changes completed on around a quarter of the portfolio, according to the Canaccord Genuity analyst note. Armstrong said extensions had not yet been baked into portfolio, which had already generated better-than-anticipated revenues in the trust’s half-year results.

Revenues were 17% above forecasts for the six-months to the end of 2018 driven by higher irradiation levels in the July, September and October thanks to the summer heatwave. Bluefield also benefited from rising power prices on contracts fixed in the period. UK power prices hit an eight-year monthly average high in September 2018, at an average cost of £67 megawatts an hour. Bluefield took advantage of this price increase after June 2018 by re-striking most of its power purchase agreement (PPA) contracts with customers. This boosted the trust's average PPA weighted price from around £45/MWh to in excess of around £58/MWh from December. Armstrong said the trust was likely to see the benefits of these price increases in the second half of the year.

Bluefield paid its first interim dividend in February of 1.9p per share and expects its annual dividend for 2018/19 to increase from 7.43p per share last year up to 7.68p. The trust outperformed both in terms of NAV and shareholder total returns over the last six months, producing gains of 4.4% and 4.5% respectively, against a 10.2% fall in the FTSE 100 total return index. It had also doubled benchmark returns since listing in 2013, with its NAV up 51.7% and a share price increase of 56.4%, versus a return of 26.6% from the index.

hxxps://citywire.co.uk/investment-trust-insider/news/bluefield-solar-keen-to-catch-extra-rays-as-it-eyes-growth/a1204710?ref=investment-trust-insider-latest-news-list